LONDON (Archyde.com) Gold prices rose slightly today, with the dollar weakening, but an increase in US bond yields limited its rally, while investors focused on the European Central Bank bankers forum in Portugal. Spot gold rose 0.2 percent to $ 1826.09 an ounce ( ounce) by 09.35 GMT. And US gold futures rose 0.1 percent to $ 1827.30. The dollar’s decline made buying gold more attractive to buyers in other currencies, but the rise in US 10-year bond yields limited the appetite for buying the non-yielding precious metal. Alongside the dollar’s decline, gold benefited from gains in the commodity markets in general, said analyst Peter Fertig of Quantitative Commodity Research. Federal Reserve Chairman Jerome Powell was among a group of central bankers who attended the annual forum in Portugal. While the European Central Bank is expected to raise interest rates for the first time in ten years next month, its president, Christine Lagarde, said the bank would act gradually, but with the option to act decisively in the event of any deterioration in the inflation rate in the medium term. Global stock prices also rose and oil prices rose on the hope that demand from China would improve.
Abdullah Abu Deif (Cairo)
The exchange rate of the Egyptian pound continued to rise once morest the dollar, and the average price of the dollar in banks decreased by regarding 28 piasters during the last 25 days, to reach the end of trading yesterday at 18.23 pounds for purchase, and 18.32 pounds for sale, according to central bank data.
The highest level that the dollar reached during the recent period was at 18.51 pounds for purchase and 18.60 pounds for sale on April 21, an increase of 18% from its level before the start of the last wave of the pound’s decline on March 20.
Walid Gaballah, the Egyptian economic expert, explained that the rise in the exchange rate of the pound is related to the decisions of the Central Bank since last March, which led to the stability of the local currency significantly following a significant increase in the price of the dollar, which reached regarding 18.50 pounds for the first time since the decision to float in 2016.
Jaballah added to “Al-Ittihad” that it is expected to raise the interest rate on the pound next Thursday at the meeting of the Monetary Policy Committee of the Central Bank, but this decision may not lead to a rise in the dollar, especially with the exit of most of the already hot money from Egypt starting in 2022.
Jaballah indicated that the decision aimed mainly at maintaining the prices of basic commodities in isolation from economic developments due to the Russian-Ukrainian war, which led to the US Federal Reserve raising interest rates twice in a row for the first time in a long time, which was followed by most of the world’s dollar-linked countries, including Egypt.
Egypt’s receipt of regarding $12 billion from the Gulf countries in recent months is a major reason for the stability of the Egyptian pound and then its gradual rise and restoration of its value once morest the US dollar, which was announced by Prime Minister Mostafa Madbouly recently in an international press conference.
The Central Bank also announced, in a statement, that the remittances of Egyptians working abroad during last March recorded regarding $3.3 billion, an increase of 12.8% (on an annual basis), compared to regarding $2.9 billion during March 2021, and remittances increased by 44.4% compared to the immediate previous month, February 2022, and recorded About $2.3 billion.
A treasury manager from the Bank of Ayudhya revealed that the baht opened at 34.63 baht/dollar this morning, a slight depreciation from yesterday evening at 34.61 baht/dollar.
The direction of the US dollar continues to strengthen. As a result of the US Federal Reserve’s tightening monetary policy (Fed) coupled with the coronavirus situation in China including the conflict between Russia and Ukraine As a result, the market remains closed to risks and holding safe currencies. As a result, the dollar strengthened. and the baht is likely to continue to depreciate
“Overall, the market is still closed to risks. causing the baht to continue to depreciate,” said the money manager.
Treasury managers expect the baht to move in the range of 34.50 – 34.70 baht/dollar, the market is keeping an eye on the index report. Consumer Price (CPI) or Monthly Inflation US Apr. tomorrow night
THAI BAHT FIX 3M (9 May) is at 0.50098%, while THAI BAHT FIX 6M is at 0.68231%.
- important factor
- The yen was at 130.17 yen/dollar from yesterday evening at 131.20 yen/dollar.
- The euro was $1.0561/euro from $1.0526 yesterday evening.
- Baht/dollar exchange rate The BOT’s interbank weighted average stood at 34.526 baht/dollar.
- I-EA-T and BOI aiming for roadshows to attract high-tech foreign investors to pin Thailand Revitalize Thai investment ‘Weris’ reveals IEAT.
Prepare to take the opportunity to meet in Geneva to meet new and old European investors to stimulate investment. On the side of ‘Narit’, BOI organized 5-6 trips to Europe, the United States, Japan
South Korea Australia
- “Commercial” supports the government to expedite a strategy to attract Japan to exercise FTA-RCEP rights, pinning Thai investment Promote the industry BCG promotes business
electric vehicle industry Smart electronics, clean energy
- “Siam Commercial” reiterates the year 65, set a high level of reserves compared to normal to accept uncertain factors credit quality
in a manageable point
- “Nestifly” intends to lend a loan to “P2P” following the Bank of Thailand has given the green light to do business. is the first of Thailand target the owner group
Companies that hold shares in the SET 100 index set a 3-year target, lending amount of 15 billion
- “Krom of Science” ordered 15 centers across Thailand to keep an eye on 3 subspecies of omikron. Fear spreads to Thailand The Ministry of Public Health downgraded the warning level from 4
3 volts left, the situation has improved. While entertainment operators urge the Prime Minister to cancel the Emergency Decree and the Communicable Disease Act, wait for the Thai government during the opening period.
Country brewing pilot to open pubs-bars-oke in 28 provinces to raise foreign confidence
- Bitcoin prices have fallen from the $30,000 level this morning as of 7:34 AM ET.
down $1,200, or -3.86%, to $29,876 as investors feared the Federal Reserve’s acceleration.
raise interest rates will drag liquidity in the risky asset market This includes the cryptocurrency market.
- The US dollar closed slightly lower. in trading at the New York Stock Exchange on Monday (May 9) following
rose to its highest level in 20 years during the day. according to the direction of US bond yields While investors keep an eye on the inflation numbers in April.
of the United States, which is scheduled to be disclosed tomorrow.
- New York gold futures closed lower from $1,860 on Monday (May 9) due to currency appreciation.
The dollar and rising US bond yields put pressure on the market.
- The CME Group’s FedWatch Tool indicates that investors are now weighing 75 percent that the Fed will raise interest rates by 0.75% in
The meeting was held on June 14-15, up from 19% last month.
- Investors are worried that the Fed raised interest rates. and reduce the size of the balance sheet (Quantitative Tightening : QT)
will result in liquidity flowing out of the risky asset market This includes the cryptocurrency market. and may result in the US economy faced
Recession following shrinking 1.4% in 1Q22
- Investors were eyeing the US consumer price index (CPI), a measure of inflation in consumer spending, on Wednesday.
It might affect the Fed’s monetary policy decision at its June meeting.
- Other US economic data this week included the April Small Business Confidence Index from the Federation of Businesses.
US National Independent (NFIB), weekly unemployment claims, producer price index (PPI) April and consumer confidence index.
Initial consumption in May from the University of Michigan.
Muscat / Dubai: The value of the Gulf currency rose sharply as the Indian rupee plunged to an all-time low. The trend, which has been going on for a few days, reached its peak on Monday. With the depreciation of the Indian rupee, money exchanges are experiencing a surge in remittances from the Gulf countries to India. Since it was the beginning of the month, it was very beneficial for the expatriates to send their salaries home.
The Omani Rial received 201 rupees 21 paise
The Omani riyal hit an all-time high of Rs. At one point on Monday, the exchange rate in Oman was 201 201 rupees 21 paise. The high exchange rate on March 8 this year has become a thing of the past. On March 8, the online exchange portal XC Exchange traded at 200.40 per riyal. At the Interbank Foreign Exchange (Forex) market, the riyal rose to Rs 201.70 in early trade on Monday. With this, the money exchanges entered the rate of 200 rupees 21 paise per riyal. This is the first time the Omani Rial has received more than 200 rupees.
Record exchange rate received in UAE
The UAE dirham also touched an all-time high of Rs. The UAE dirham had touched an all-time high of 20 rupees 97 paise to close at 21.10 paise yesterday. On Friday, one dirham received 20 rupees 95 paise. With this, the UAE experienced a huge influx of people who came to send money home on money exchanges yesterday. But in the days leading up to the payday, many remittances back home were a setback. At the beginning of the month, the dirham had received up to 20 rupees and 80 paise in the UAE. It is estimated that if the current situation continues, the dirham might fetch up to 21 rupees and 20 paise.
All Gulf currencies strengthened
Similarly, the currencies of all other Gulf countries rose in value. At the Interbank Foreign Exchange (Forex) market, the Kuwaiti dinar traded higher by 252 rupees to 48 paise. The Qatari riyal appreciated by 21 to 28 paise, the Saudi riyal by 20 to 66 paise and the Bahraini dinar by 205 to 61 paise. The exchange rate of the Indian rupee once morest the Gulf currencies is the largest ever.
Assessing that the trend will continue
Rupee Shares of major Indian companies fell as much as two per cent in the previous session. Those who work in the field of money exchange say that this trend will continue in the coming days. Especially in the absence of significant intervention on the part of the Reserve Bank of India to mitigate the crisis. The decision by the Reserve Bank of India to raise the repo rate has also weighed on the rupee. At the same time, the US dollar strengthened once morest the rupee. The impact of the US Federal Reserve’s decision to raise interest rates was further exacerbated by the withdrawal of investment from Indian equities.